Bitcoin has been trading in a tight 4-hour range between $71,300 and $73,300 since Tuesday, setting the stage for a significant move in the coming days. Analysts and investors closely watch this range as BTC inches closer to its all-time high (ATH). Top analyst Axel Adler recently shared key data from CryptoQuant, noting that trading volume has steadily decreased as Bitcoin remains within these levels. Typically, this volume decline signals consolidation, a phase often preceding a major price swing. Anticipation is building with the U.S. election just around the corner on November 5. Market sentiment is optimistic, and many expect Bitcoin to break out of this range soon, either pushing into new highs or experiencing a healthy retrace to fuel further growth. The coming days will be pivotal for Bitcoin’s trajectory as traders assess whether the consolidation period will lead to a breakthrough into uncharted territory. As BTC flirts with its ATH, the stage is set for a decisive move that could shape the market’s direction through the end of the year. Bitcoin Price About To Move Bitcoin is at a defining point in this cycle, nearing the end of a 7-month accumulation period and poised to test new all-time highs. CryptoQuant analyst Axel Adler has noted in a recent analysis on X that BTC is currently range-bound, trading between $72,900 resistance and $71,400 support, with trading volumes showing a gradual decline. According to Adler, this reduced volume in Bitcoin’s confined range hints at an impending breakout. However, a new catalyst appears necessary to drive this shift and launch BTC past its previous highs. The upcoming U.S. election may be that catalyst, with potential market impacts depending on the outcome. Market sentiment suggests that a Trump victory could stimulate bullish sentiment in the financial markets, possibly positively influencing Bitcoin’s price trajectory. Investors are eyeing this pivotal event as a possible trigger to push BTC beyond the $73,794 mark, its all-time high, into uncharted price territory. A successful breakout from the current range could usher Bitcoin into price discovery mode, where FOMO (fear of missing out) could drive buying pressure, amplifying the surge. On the other hand, if BTC fails to secure a new high, it may dip back toward lower support levels, potentially consolidating further until the necessary momentum builds. BTC Flirting With ATH Bitcoin is holding strong above $72,000, inching closer to breaking its all-time high (ATH) and entering a price discovery phase. Price discovery typically ushers in significant gains, as fresh highs fuel market optimism and buying pressure. However, BTC has yet to decisively break past its previous ATH of $73,794, and a temporary decline below $70,000 remains a possibility if demand doesn’t strengthen soon. The $71,000 support level now serves as a critical base for BTC. If the price holds above this mark in the coming days, momentum will likely build for a solid attempt to break the ATH, potentially triggering a new wave of bullish sentiment. Traders and investors closely watch BTC’s performance at these levels, knowing that any sustained movement above $73,794 could signal the start of a powerful uptrend as Bitcoin pushes into uncharted territory. Meanwhile, a short retrace to lower support levels might provide the liquidity needed to propel BTC beyond its current resistance. Whether through a direct push or a minor pullback, Bitcoin’s resilience above $72,000 sets the stage for an imminent test of ATH, with price discovery and new highs on the horizon. Featured image from Dall-E, chart from TradingView

During Binance Blockchain Week, Binance, the global blockchain ecosystem that powers the biggest cryptocurrency exchange by trading volume, announced today that Jeff Li has been appointed as its new Vice President of Product. Jeff will be concentrating on growing and improving Binance’s product line to make sure it stays at the forefront of creating the Web3 and blockchain of the future. Jeff Li has over 16 years of combined experience in software engineering and product leadership for both Web2 and Web3. He most recently oversaw the worldwide product teams for a variety of centralized finance (CeFi) products in the domains of growth, retail/institution, artificial intelligence (AI), and more while serving as VP, worldwide Head of CeFi Product at a significant cryptocurrency exchange. Before that, Jeff worked for TikTok as the Global Head of TikTok Money and Compliance Platform and Director of Product, managing a group of product managers and working with other cross-functional partners to increase revenue and growth at scale. His broad experience also includes positions in software engineering and product development at well-known companies including Oracle, Instagram, and Twitch. Richard Teng, CEO of Binance, commented: Jeff’s responsibilities at Binance will include managing and supervising the company’s international product and design teams. This covers all facets of product and design strategy, roadmap, and development for Binance’s extensive product suite, which includes Web3 and more in addition to trading and payments. His main goal will be to make sure Binance fulfills its promise to develop solutions that will increase cryptocurrency’s widespread usage and reduce entry barriers to Web3 technology. Jeff Li, VP of Product at Binance, shared: Jeff added:

SOL retraces to $170 level after hitting 3-month high of $180, while maintaining 13% monthly gains. Analyst identifies bullish flag pattern with ambitious targets ranging from $383 to $829. Technical indicators suggest potential short-term pullback with $147 support level in focus. Solana’s latest market performance presents a complex picture of immediate retracement amidst broader bullish signals. The cryptocurrency recently touched $180, marking its highest point since January, before experiencing a correction to the $170 range. Despite this pullback, SOL maintains an impressive 14% monthly gain, aligning with Bitcoin’s upward momentum toward historical highs. This sustained strength has caught the attention of market analysts, particularly Xanrox, who identifies a developing bullish flag pattern. Solana shows temporary consolidation phase The pattern formation suggests a temporary consolidation phase, visible on the three-day chart timeframe. Drawing from Elliott Wave analysis, Xanrox highlights how Solana’s previous wave (3) delivered exceptional returns exceeding 2,600% last year, setting the stage for an anticipated wave (5) advance. Fibonacci retracement levels provide specific price targets for this potential upward movement. The initial objective sits at $383.39 for Solana, corresponding to the 0.382 Fibonacci level and representing a 119.9% increase from the current breakout point. However, shorter-term analysis reveals developing weakness patterns on the four-hour chart. Technical indicators point toward a possible retest of the $147 support level before any significant upward movement resumes. The Relative Strength Index currently registers at 71, while the Stochastic Oscillator reads 81.2, both suggesting overbought conditions that typically precede price corrections.

The Solayer Labs’ sUSD is backed by United States short-term Treasury Bills (T-Bills) and is pegged to the US dollar. In addition to payments, sUSD can be used across different Solana’s DeFi platforms. The holders of sUSD will earn up to 4 percent yield that is distributed automatically to users Solana (SOL) network-based, Solayer Labs, a fast-growing restaking protocol with more than $281 million in total value locked (TVL), has announced the launch of its yield-bearing restaking stablecoin dubbed Solayer USD (sUSD). Backed by the United States short-term Treasury Bills (T-Bills), the sUSD intends to offer the crypto market a unique alternative to the existing stablecoins, which do not offer a yield to holders. “Solayer USD (sUSD) represents a new era in stablecoins, being the first to offer yield-bearing features backed by U.S. T-bills within the Solana ecosystem that can be restaked,” the announcement noted. Why Solayer USD (sUSD) Stands Out in the Stablecoins Market Space Announced during this year’s Solana Break Point event, the Solayer Labs’ sUSD has attracted significant attention from the web3 space. Moreover, the Solana network has registered a bee-hive of on-chain activities in the recent past, fueled by organic DeFi growth. Notably, the Solayer’s sUSD is minted through a non-custodial Request for Quote (RFQ) protocol, which manages the conversion of Circle’s USDC into sUSD. The sUSD minting process involves the purchase of U.S. Treasury Bills with the help of USDC and later secured through partnerships with Real World Asset (RWA) liquidity providers. According to the company, the Solayer USD (sUSD) Stablecoin users can begin minting on October 30, whereby the project is set to kickstart with a market cap of $20 million. Solayer Labs confirmed that the first $10k deposit will earn a 10x boost. Through backing sUSD with the US short-term T-bills, Solayer Labs has managed to assure its stablecoin holders a 4 percent yield, which is automatically distributed to the wallets. The Solayer Labs’ sUSD was initially introduced to pre-approved financial institutions and accredited investors to ensure protocol stability. The restaking of Solayer USD (sUSD) helps secure decentralized financial (DeFi) platforms(exo AVSs), which taps into the proof-of-stake consensus mechanisms from the Solana network. Notably, the Solayer Labs’ sUSD was developed through the use of the Token2022 program, a token extension management on the Solana network that supports interest-bearing processes. As a result, Solayer Labs’ sUSD can provide consistent interest payments while still observing utmost security pegged to the U.S. dollar through a rebasing mechanism. Market Picture Amid the notable growth of the Solana network, which has outstripped Ethereum (ETH) in on-chain activities, the Solayer Labs is well positioned to grow exponentially in the near term. Moreover, Solayer Labs is backed by reputable web3 investors including Binance Labs, Hack VC, and Polychain Capital, among others. In mid-August this year, Solayer Labs raised $12 million in a seed funding round led by Polychain Capital, thus achieving a total valuation of about $80 million. Consequently, Solayer Labs has managed to launch several products and attracted more than 155k users who have deposited on its network to restake. In addition to the sUSD, Solayer Labs recently collaborated with Bitget exchange to launch a liquid restaking token dubbed BGSOL.

It’s been a busy week for Tether, as the company announced that it had authorized the minting of another 1 billion USDT tokens, pushing the total number of minted tokens to $33 billion in the last year. According to blockchain data, the additional tokens were minted on the Tron network and immediately sent to the company’s treasury wallet. Whale Alert also confirmed the latest transaction last Tuesday at around 20:43 (UTC). The company’s latest replenishment order has sparked speculation of increasing demand and a potential price surge. Tether CEO Confirms New Mint, Saying It’s ‘Authorized But Not Issued’ Paolo Ardoino, Tether’s CEO, has confirmed this latest mint order, saying that the transaction was “authorized but not issued.” In blockchain parlance, the newly minted USDT tokens on the Tron network are not yet circulating but are still part of the company’s inventory. In short, these are just in storage, ready for the next batch of chain swaps and issuance requests. The company officially disclosed the minting order on its transparency page. The newly minted tokens totaling $1.05 billion are listed under the “authorized but not issued” column of USDT. USDT: Issuance At Tron Reaches $20 Billion Tether is experiencing a surge in demand, reflected in the number of tokens minted on the Tron network last year. To date, as of October 29th, the Tron network had minted $20 billion in tokens. The Tron network occupies a special place in USDT’s ecosystem, accounting for more than half of the total USDT tokens in circulation. According to the latest data available, as many as $120 billion Tether tokens are in circulation; more than 51% and about 61.7 billion are stored on the Tron network. Ethereum represents the second largest USDT reserve, which is about 45% of $55 billion. All in all, Tether still leads as a stablecoin issuer with a share of more than 67% of the overall stablecoins in circulation. What’s Next For Tether? The most recent mint order has raised questions on what the future holds for Tether’s USDT tokens. One of the assumptions is that the recent spike in bitcoin price had caused an increase in the stablecoins. “when they print, we go higher,” one user posted on social media, relating it to the minting of fresh tokens to meet future requests for the issuances. Traditionally, the minting and deployment of stablecoins signal an increasing demand for crypto in a bullish market. An increase in stablecoin’s supply often pushes cryptos’ market prices. For example, when Tether introduced $3 billion worth of USDT tokens last August, Bitcoin’s price stabilized after dipping below the $50,000 level. Featured image from Tether.io, chart from TradingView

On Wednesday, Ethereum (ETH) surged above the $2,700 mark for the first time in over a week, sparking a bullish sentiment among several crypto analysts. Some suggested that the second-largest cryptocurrency will soon break from the next resistance level and reclaim the $3,000 mark. Ethereum Retests $2,700 Ethereum surged above a key resistance level on Wednesday morning as most of the crypto market soared. The cryptocurrency rallied 3.1% toward the $2,700 horizontal level, hitting the $2,722 mark before retracing to $2,710. Over the past week, ETH hovered between the $2,430-$2,650 range after failing to hold its support. This performance worried many investors and market watchers, who have heavily criticized the crypto’s price action throughout the year. However, today’s jump represents a 5.6% increase in the weekly timeframe, which sparked a bullish sentiment among the community. Crypto trader CRG noted that Ethereum is testing a support level in its trading pair against Bitcoin (BTC) in a higher timeframe (HTF). Per the chart, ETH/BTC is retesting an HTF support at the 0.0377 level. The 0.023-0.040 zone was a crucial area between 2020 and 2021, with ETH’s all-time high rally starting after breaking above the upper line of this range. The trader suggested that Ethereum’s surge would be short-lived as the “King of Altcoins” has had a “disappointing” performance despite the spot ETH exchange-traded funds (ETF) approval. “ETH is like the toxic ex-gf that keeps you going back,” he jokingly stated. Similarly, crypto analyst Michaël van de Poppe remarked that it’s time to be bullish on ETH, suggesting that there’s a “massive bullish divergence” in the one-day timeframe of the ETH/BTC chart, while it was “popping up” in the three-day timeframe. Van de Poppe pointed out that the 0.051 area is the crucial zone for a trend reversal. ETH To Hit $3,000 In Two Weeks? Various crypto analysts have set the $2,800 resistance level as the next crucial zone if Ethereum successfully reclaims the $2,700 mark. Analyst Crypto Yapper pointed out that ETH has registered five consecutive green daily candles since bouncing from last week’s lows. To the analyst, if ETH breaks above the $2,800 horizontal level, the cryptocurrency will rally toward the $3,000 resistance level and potentially kickstart the altcoin season. Similarly, van de Poppe suggested that Ethereum will break above the crucial horizontal level in the next two weeks, as it took the liquidity at the $2,450 level and “ran back up to resistance.” According to the analyst, this could propel ETH’s price to $3,000 in November. ETH has been rejected from the $2,700 resistance level, hovering between the $2,680-$2,690 price range for the past hour. As of this writing, the cryptocurrency trades at $2,693, a 1.4% and 3.3% increase in the daily and monthly timeframes. Nonetheless, it’s worth noting that the crypto market might continue facing high volatility over the next few days as speculation increases ahead of the US presidential elections.

Bitcoin on-chain activity is gaining momentum as a CryptoQuant analyst, known as ‘Yonsei Dent,’ recently pointed to a potential golden cross within the active addresses metric. This indicator tracks the number of unique addresses engaging with the Bitcoin network, providing insights into the network’s overall activity, investor involvement, and possible market directions. Golden Cross On Bitcoin Active Addresses According to Dent’s analysis, applying a monthly and annual moving average to this number of active addresses metric could indicate a shift toward bullish momentum. A high number of active addresses generally suggests strong participation, while fewer addresses may indicate reduced interest. Dent noted that when the 30-day moving average of active addresses crosses above the 365-day moving average—a phenomenon known as a “golden cross”—it often correlates with upward price momentum in the Bitcoin market. This alignment between short-term and long-term trends can suggest renewed interest among both retail and institutional investors, which could potentially sustain or even increase Bitcoin’s value. Furthermore, the concept of the golden cross in active addresses is significant in light of previous market cycles, Dent pointed out. According to the CryptoQuant analyst, the last notable shift in Bitcoin’s active addresses occurred post all-time high (ATH) levels, leading to what is called a “dead cross,” where the short-term average fell below the long-term average. This pattern typically signals bearish sentiment or market stagnation. However, the current reversion to a golden cross shows a different scenario. Transaction volumes are almost double what they were during Bitcoin’s 2021 price cycle, a favourable sign of increased market engagement and potential upward momentum. The analyst concluded that a weaker or inconclusive golden cross could lead to a repeat of mid-2021 trends, where price gains faced strong resistance without maintaining upward movement. BTC On Track For $100k Rally? In the past weeks, Bitcoin has seen quite a noticeable rebound in price, reclaiming price levels it once faced resistance in. So far, the asset has recorded double digit gains in the slightly higher time frames suggesting that a positive momentum has begun. Particualry, in the past 30 days, BTC has increased by 13% and nearly 10% in the past 7 days. This increase has brought the asset price to currently trade above $72,000 as of today. This price zone not only equals 2.3% decrease from its ATH registered in March 2024 but also marks a vital level that makes the increase above $100,000 more likely. Highlighting this, renowned crypto analyst, Javon Marks noted that with Bitcoin so far holding above $67,559, the rally to $116,652 is in play. Featured image created with DALL-E, Chart from TradingView

BNB price corrected gains from the $612 level. The price is now showing a few bearish signs while Bitcoin and Ethereum eye additional gains. BNB price started a downside correction from the $612 resistance zone. The price is now trading below $595 and the 100-hourly simple moving average. There is a connecting bearish trend line forming with resistance at $595 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $588 level to start another increase in the near term. BNB Price Dips Again After struggling above $612, BNB price saw a downside correction. The price dipped below the $605 and $600 support levels unlike Ethereum and Bitcoin. There was a move below the $598 and $595 levels. The price even dipped below the 23.6% Fib retracement level of the upward move from the $565 swing low to the $612 high. There is also a connecting bearish trend line forming with resistance at $595 on the hourly chart of the BNB/USD pair. The price is now trading below $595 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $595 level or the trend line. The next resistance sits near the $600 level. A clear move above the $600 zone could send the price higher. In the stated case, BNB price could test $612. A close above the $612 resistance might set the pace for a larger move toward the $620 resistance. Any more gains might call for a test of the $632 level in the near term. More Losses? If BNB fails to clear the $595 resistance, it could start another decline. Initial support on the downside is near the $590 level. The next major support is near the $588 level or the 50% Fib retracement level of the upward move from the $565 swing low to the $612 high. The main support sits at $576. If there is a downside break below the $576 support, the price could drop toward the $565 support. Any more losses could initiate a larger decline toward the $550 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. Major Support Levels – $588 and $576. Major Resistance Levels – $595 and $600.

XRP price is correcting gains from the $0.530 zone. The price is testing the $0.520 support and might bounce back to start a fresh increase. XRP price is eyeing more gains above the $0.5300 zone. The price is now trading above $0.5200 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $0.520 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could gain bullish momentum if it settles above the $0.5300 resistance zone. XRP Price Revisits Support XRP price started a decent upward move above the $0.5150 zone. There was a move above the $0.520 resistance but it lagged Bitcoin and Ethereum. The bulls were able to push the price above the $0.5250 resistance. The price traded as high as $0.5307 and is currently correcting gains. There was a drop below the $0.5265 level. The price dipped below the 50% Fib retracement level of the upward wave from the $0.5111 swing low to the $0.5307 high. The price is now trading above $0.5200 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.520 on the hourly chart of the XRP/USD pair. On the upside, the price might face resistance near the $0.5250 level. The first major resistance is near the $0.5300 level. The next key resistance could be $0.5320. A clear move above the $0.5320 resistance might send the price toward the $0.5450 resistance. Any more gains might send the price toward the $0.5550 resistance or even $0.5850 in the near term. The next major hurdle might be $0.6000. Downside Break? If XRP fails to clear the $0.5250 resistance zone, it could start another decline. Initial support on the downside is near the $0.5200 level. The next major support is near the $0.5185 level and the 61.8% Fib retracement level of the upward wave from the $0.5111 swing low to the $0.5307 high. If there is a downside break and a close below the $0.5185 level, the price might continue to decline toward the $0.5050 support in the near term. The next major support sits near the $0.5000 zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.5200 and $0.5185. Major Resistance Levels – $0.5250 and $0.5300.

US Bitcoin ETFs recorded their highest daily inflow since inception, amassing $870 million on Tuesday. This surge in investment comes as the largest cryptocurrency inches closer to its all-time high of $73,700, originally reached in March. This comes as investor sentiment appears to be buoyed by speculation surrounding a potential victory for Republican candidate Donald Trump over VP Kamala Harris, which many believe could foster a more positive environment for the digital asset ecosystem, ultimately favoring crypto prices. Bitcoin ETFs Inflows And Price Rally According to Bloomberg data, Tuesday’s subscriptions pushed the year-to-date inflows for the group of 12 Bitcoin ETFs to over $23 billion. Analysts attribute the growing demand for Bitcoin exposure to Trump’s elevated odds in election betting markets. However, while Trump leads in prediction markets, polls show a tight race against Vice President Harris, who has pledged to support a regulatory framework for the cryptocurrency industry. Still, Trump’s approach seems to have resonated more with the community. Adding to the speculation, Bitcoin options markets reflect a one-third chance of a price swing exceeding 10% on election day, November 5, as indicated by Nick Forster, founder of the crypto trading platform Derive.xyz. This surge would take the Bitcoin price to a new all-time high of $72,900 in the potential scenario where BTC consolidates above $72,000 for the next few days ahead of the election. Forster believes such volatility often encourages traders to position themselves for potential market movements, increasing demand for Bitcoin ETFs and contributing to the current price rally since the beginning of the week. Expert Warns Of Potential Selloff ETF expert Eric Balchunas has also commented on the bullish sentiment surrounding Bitcoin ETFs. He noted that these funds are on track to reach 1 million BTC in holdings as early as today. In a recent social media post, Balchunas reported that US spot ETFs could surpass 1 million BTC by next Wednesday, potentially surpassing the holdings of Bitcoin’s mysterious creator, Satoshi Nakamoto, by mid-December, with the funds adding approximately 17,000 BTC each week. However, following Tuesday’s performance, Balchunas remarked, “We’re going to need to move up our predictions,” highlighting that Bitcoin ETFs had gobbled up over 12,000 coins in a single day, now holding 996,000 BTC. The expert expressed optimism about the likelihood of breaching the 1 million mark today, stating that the “extraordinary” trading volume from the previous day is likely to translate into significant inflows. Balchunas also cautioned that market conditions can be unpredictable. “Anything can happen,” he warned, referencing the risk of a sudden selloff that could delay reaching the 1 million BTC milestone. Conversely, if Bitcoin prices continue to rise and a Trump victory boosts market enthusiasm, a fear of missing out (FOMO) could drive even more rapid accumulation, according to the expert’s analysis. When writing, the largest cryptocurrency on the market was trading at $72,360, up over 8% in the 7-day time frame. Featured image from DALL-E, chart from TradingView.com

Ethereum price started a fresh increase above the $2,600 resistance. ETH is consolidating gains and might aim for a move above the $2,720 resistance. Ethereum started a decent increase above the $2,650 zone. The price is trading above $2,600 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $2,540 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if it clears the $2,650 and $2,720 resistance levels. Ethereum Price Eyes More Gains Ethereum price formed a base above the $2,550 level and started a fresh increase like Bitcoin. ETH climbed above the $2,600 and $2,620 resistance levels to move into a positive zone. The price even broke the $2,650 resistance. A high is formed at $2,719 and the price is now consolidating gains. There was a minor decline below the $2,680 level. The price dipped below the 23.6% Fib retracement level of the upward wave from the $2,489 swing low to the $2,719 high. Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,540 on the hourly chart of ETH/USD. On the upside, the price seems to be facing hurdles near the $2,650 level. The first major resistance is near the $2,700 level. The main resistance is now forming near $2,720. A clear move above the $2,720 resistance might send the price toward the $2,880 resistance. An upside break above the $2,880 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,000 resistance zone. Downside Correction In ETH? If Ethereum fails to clear the $2,650 resistance, it could start a downside correction. Initial support on the downside is near the $2,600 level and the 50% Fib retracement level of the upward wave from the $2,489 swing low to the $2,719 high. The first major support sits near the $2,540 zone. A clear move below the $2,540 support might push the price toward $2,500. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,320. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $2,600 Major Resistance Level – $2,650

Bitcoin price is consolidating above the $72,000 zone. BTC is showing positive signs and might soon aim for a new all-time high. Bitcoin started a fresh increase above the $71,000 zone. The price is trading above $71,500 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $69,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is consolidating gains and might rise above the $73,500 resistance zone. Bitcoin Price Eyes More Upsides Bitcoin price remained strong above the $70,500 zone. BTC formed a base and started a fresh increase above the $72,000 resistance. The bulls were able to pump the price above the $72,500 resistance. The price regained strength and cleared the $73,200 level. A high was formed at $73,574 and the price is now consolidating gains. There was a minor decline below the $73,000 level. The price tested the 23.6% Fib retracement level of the upward wave from the $65,530 swing low to the $73,574 high. Bitcoin price is now trading above $71,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $69,500 on the hourly chart of the BTC/USD pair. On the upside, the price could face resistance near the $73,000 level. The first key resistance is near the $73,500 level. A clear move above the $73,500 resistance might send the price higher. The next key resistance could be $74,200. A close above the $74,200 resistance might initiate more gains. In the stated case, the price could rise and test the $75,500 resistance level. Any more gains might send the price toward the $78,000 resistance level. Any more gains might call for a test of $80,000. Are Dips Supported In BTC? If Bitcoin fails to rise above the $73,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $71,650 level. The first major support is near the $69,500 level, the trend line, and the 50% Fib retracement level of the upward wave from the $65,530 swing low to the $73,574 high. The next support is now near the $68,600 zone. Any more losses might send the price toward the $67,500 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $71,650, followed by $69,500. Major Resistance Levels – $73,000, and $73,500.

Although Bitcoin (BTC) is yet to breach its USD all-time high (ATH) value, the flagship cryptocurrency has made a new ATH against the euro (EUR) and some other fiat currencies. Bitcoin Makes Fresh ATH Against Euro Bitcoin surpassed €68,000 ($73,561) on October 29, establishing a new ATH against the euro. The largest cryptocurrency by market cap reached this milestone on multiple crypto exchanges, including Binance. This marks the first time since March 2024 that BTC has set a new ATH against the euro. Although Bitcoin came very close to a new ATH in USD, it fell short by approximately $200, dropping from $73,620 to $71,805 at the time of writing. Notably, the discrepancy between BTC’s performance against the euro and the USD is due to changes in the dollar’s strength. On March 14, when BTC last reached its USD ATH of $73,737, the USD/EUR exchange rate was 0.9113. Currently, the rate is 0.9238, indicating a weakening euro against the dollar. One key factor behind the dollar’s renewed strength is the US Federal Reserve’s decision to raise interest rates to bring inflation down to its target of 2%. Bitcoin has also achieved a new ATH against the Canadian Dollar (CAD), recording a price of just over CAD 102,000, or approximately USD 73,225. As expected, BTC has reached new ATHs against weaker and hyperinflated fiat currencies, including the Turkish Lira, Argentine Pesos, and Russian Ruble. BTC ATH Against USD Most Awaited Bitcoin’s impressive performance comes at a crucial time, with the approaching US presidential elections, the effects of BTC halving, and a surge in stablecoin demand. While Bitcoin’s new ATH against the EUR is promising, the wider crypto market eagerly awaits a USD-denominated ATH, as most crypto trading on exchanges takes place in USD or USD-pegged stablecoins like USDT and USDC. Data shows that the BTC/EUR trading pair generates the most volume on exchanges such as Bitstamp ($39.8 million), Binance ($36.7 million), and WhiteBit ($26.7 million). However, these volumes are dwarfed by higher-volume trading pairs like BTC/Korean Won (KRW). BTC/KRW trading volumes reach as high as $400 million daily – almost ten times more than the most-traded BTC/EUR pair. Recent data indicates that, despite flirting with ATH levels, BTC traders are holding off on profit-taking around the $71,000 level, suggesting expectations of further price increases based on current momentum. Commenting on BTC’s trajectory, seasoned analyst Peter Brandt said that the leading digital asset requires a daily close above $76,000 to confirm a true breakout. At press time, BTC trades at $71,805, up 0.6% in the past 24 hours.

The recent surge in Bitcoin price appears to align with a shift in investor behavior, according to a CryptoQuant analyst known as ‘crypto sunmoon.’ In a post on the CryptoQuant QuickTake platform, the analyst observed that the current bull market is driven by leveraged bets, particularly in derivatives markets. This trend is noteworthy as it contrasts with past market cycles where increased deposits often accompanied BTC bull runs to spot exchanges. Leveraged Bets’ Role in Bitcoin Price Growth Elaborating further on leverage bets involves using borrowed funds to multiply the size of an investment. For example, with 2x leverage, a trader can open a position twice as large as their capital. In Bitcoin futures trading, this approach can be profitable during upward price movements but also comes with risks. If the market shifts against their position, traders can face significant losses called liquidation. The analyst notes that the inflow of Bitcoin into derivatives exchanges signals increased confidence among investors, suggesting a belief in further price gains. This confidence can create a feedback loop, where rising prices encourage additional leveraged bets, further fueling the bull market. BTC Price Performance And Outlook With Bitcoin’s price showing an 8.2% increase over the past week, currently trading at $71,804, the role of leverage becomes increasingly relevant. Notably, BTC saw a slight retracement from its recent 24-hour high of $73,562 yet continues to maintain upward momentum. This steady price growth and leveraged inflows signal broader investor optimism toward Bitcoin’s future price potential. According to the analyst, as long as Bitcoin continues to flow into futures rather than spot exchanges, the bullish sentiment will likely remain strong. Notably, leveraged bets happen to be just one of the several metrics of Bitcoin, suggesting a potential continuity of the ongoing increase in price. So far, the Stablecoin Supply Ratio Oscillator (SSRO) has seen low levels not seen since 2022. The decrease of this metric into lower levels means more stablecoins are being converted to BTC, therefore suggesting increasing demand for the asset. Meanwhile, the technical outlook isn’t left in one of the several metrics indicating more rally for BTC’s price. Earlier today, the renowned crypto analyst Ali highlighted that historically, BTC has increased to 1.618 and 2.272 Fibonacci retracement levels. Should the asset follow the same pattern this time, Ali predicts BTC will surge to a price between $174,000 and $462,000. Featured image created with DALL-E, Chart from TradingView

Bitcoin is marching higher, easing past $70,000 and $72,000 in the past two days, sparking a wave of demand. Although prices are moving within a tight range at spot rates, the uptrend remains. While there are pockets of weakness, at least seen earlier today, candlestick formation in the daily and weekly charts point to strength. Is Bitcoin Preparing For A 6X Surge To $462,000? In a post on X, one analyst thinks Bitcoin will not only break above its all-time high at $74,000 but can easily 6X to over $462,000 in the coming sessions. To support this outlook, the analyst said the coin is breaking out above key resistance levels, and Fibonacci extension levels mirror this shift in trend after the Q3 2024 plunge. Based on the analyst’s assessment, historical price action shows that BTC peaks between the 1.618 and 2.272 Fibonacci extension levels. Technical analysts use this tool to project how fast prices will rally or drop based on a given range. If history guides and the Fibonacci extension levels remain valid, applying the same pattern to the current cycle could easily see Bitcoin soar to between $174,000 and $462,000. These two levels mark the extension levels’ lower and upper limits that define past cycles’ peak zone. As bullish as this forecast is, it should be known that the range anchoring any Fibonacci extension is subjective. For this reason, it will change depending on the analyst, meaning potential peaks will shift accordingly. Despite everything, the consensus is that Bitcoin could break and reach new all-time highs in Q4 2024. Taking to X, another analyst said Bitcoin is already within a bullish breakout formation, easing above a descending channel or bull flag. At the same time, prices are breaking above the resistance of a “cup and handle” pattern. Institutions Buying As BTC Recovers If bulls take over, pushing prices higher, the evolution would confirm gains of Q1 2024. Subsequently, it would mark the resumption of bulls, an encouraging development following the 30% drop from March highs. Amid this wave of optimism, institutions are also pouring in, getting exposure via spot Bitcoin ETFs. According to SosoValue, there are massive inflows as institutions buy more shares on behalf of their clients. On October 29, spot Bitcoin ETF issuers in the United States bought $870 million worth of shares backed by BTC for their clients. BlackRock’s IBIT received $642 million, pushing their BTC under management to over $24.9 billion.

In an analysis shared on X, Taran Sabharwal, CEO of Stix—a leading OTC trading platform specializing in liquidity solutions for private crypto transactions—provided insights into the upcoming unlock dynamics of the Celestia (TIA) token scheduled for October 31, 2024. His assessment suggests that the market may be underestimating the potential impact on TIA’s price action heading into November. Why Celestia (TIA) Could Be A Buy “TIA – an OTC story,” Sabharwal began. “We used on-chain data (via @celenium_io API) to judge exactly how the unlock dynamics may shape TIA’s PA going into Nov. The results are in the table above. We’ve summarized that a total of 92.3M TIA will be liquid post unlock, which would act as the upper bound of overall spot selling pressure.” Interestingly, this figure accounts for less than 50% of the total cliff unlocks, suggesting that the actual sell pressure may be only half of what the market has been anticipating. Sabharwal highlighted that the real increase in circulating supply compared to the current supply indicates a 41.8% dilution. A significant factor in this dynamic is the activity of OTC buyers who acquired large amounts of the initial unlock and hedged on perpetual futures, causing open interest to surge in recent months. “We expect many of these shorts to continue winding down, partially negating the spot-selling pressure,” he explained. This unwinding could serve as a bullish signal for spot buyers due to the potential reset in funding rates. Sabharwal’s analysis included several key assumptions. OTC round buyers possess an 11 million TIA cliff unlock, included in the non-staked token category since these tokens originated from treasury wallets not tagged on the blockchain explorer. His team mapped a total of 292 vesting wallets but acknowledged some gaps, which were also included in the non-staked category. Reflecting on TIA’s OTC history on Stix, Sabharwal observed that Celestia has been one of the most actively traded assets in the OTC market this cycle. Early in the cycle, it offered an attractive opportunity for directional buyers, while sellers were eager to realize large unrealized profits without expecting an imminent bull market in Q3 2023. He continued: “In Q1 2024, the bull had matured and TIA rallied to $20+. OTC activity was minimal here as sellers didn’t want to take larger discounts (40+%) and buyers didn’t want to bid higher than the $8.5 ceiling. We saw almost no activity as sellers were ‘feeling’ rich and wanted to stay risk-on, despite having the opportunity to realize 100-800x on their investments.” The dynamics shifted when TIA fell below $5. This was around the time when the Celestia Foundation started raising its OTC round of $100M at $3. “The vesting for buyers was the same as those of private investors—33% unlock on Oct 31 2024 (<2 months from the round) and a 12-month linear unlock,” Sabharwal noted. During the third and fourth quarters of 2024, aggressive OTC trading activity resumed, with sellers offloading various positions. Stix alone facilitated approximately $60 million in TIA volume since July, suggesting that total trading volume could exceed $80 million across all liquidity channels, assuming Stix holds a 75% market share in the OTC space. Summing up his analysis, Sabharwal concluded: “TLDR: Shorts will keep unwinding into the unlock and funding rates may reset to 0 or positive. People who missed the 9th October unstaking deadline may also have unstaked during October, causing further spot supply (ready to be sold) going into November. Either way, the supply shock is massive and it’s been the most broadcasted unlock of this cycle. That, coupled with suppressing OTC discounts, may create a lot of action for the coin.” Renowned crypto analyst Will Clemente also weighed in on the developments via X: “Great piece on $TIA OTC activity by Taran from Stix. TLDR: OTC discount to spot in the private market has compressed over the last year, showing growing demand into the unlock. Stix alone has done $60mm in TIA OTC volume since July.” Clemente added his perspective on the potential market impact: “I think this BTC price action has further slid the probability of Thursday’s TIA unlock being bearish towards ‘no’. 6 months of reaccumulation after 80% drawdown, ton of OTC volume, most widely telegraphed unlock in crypto history, 9 figs short, BTC nearing ATHs. Am long rn.” At press time, TIA traded at $5.00.

In a surprising take, a crypto analyst has foreseen a crash in the price of Solana despite the ongoing bull momentum. This analyst is projecting a crash in the price of Solana, offering a fresh perspective on the crypto heavyweight. According to a crypto trader who goes by the name AlanSantana on TradingView and is very active on the trading platform, Solana’s trading volume in the past two months suggests the crypto is gearing up for a crash. Analyst Predicts Massive Crash For Solana AlanSantana observed that Solana’s trading volume has dropped significantly between September and October 2024, a development that often signals a bearish outlook and may suggest an upcoming downward price impulse. Inferring from this outlook, this suggests that the volume trend is pointing towards demand tapering off. The analyst also draws a contrast with last year’s trading activity, specifically from September to November 2023, when Solana’s volume was on the rise. This uptick in trading volume fueled a bullish rally that extended through the first quarter of 2024, with momentum carrying Solana to substantial highs by March. Based on the difference in two time periods and the current decrease in trading volume, the analyst suggested that there is a higher probability of Solana going in a main bearish direction. In light of this, he highlighted a Solana price crash below the $50 price level. Interestingly, a crash below $50 will effectively cancel out the gains in the past year and would return the cryptocurrency to its price range in November 2023. SOL Whales Continue With Activity Solana is still largely in a bullish mode despite the decline in trading volume that was pointed out by AlanSantana. According to data from on-chain tracking firm Lookonchain, crypto whales are have upped their Solana trading activity in the past week, as evidenced by on-chain data. In a recent post on social media platform X, Lookonchain highlighted three instances of Solana whale addresses withdrawing SOL tokens from crypto exchanges and staking them. The largest withdrawal came from address “AA21…VxH9,” which moved 153,511 SOL tokens worth approximately $26.4 million from Binance to stake them. Another whale, identified by the address “EHax…gAUa,” withdrew 35,498 SOL tokens valued at $6.12 million from Binance and Kraken over the last three days, also staking the tokens. On the other hand, whale address “EGzi…mR7g” bought 13,000 SOL tokens worth $2.3 million from Binance to bring its total holdings to 95,651 SOL. Interestingly, another smart Solana whale address recently sold 26,726 SOL worth $3.86 million. This whale, known for buying low and selling high, currently holds 42,729 SOL, which are valued at $7.61 million. At the time of writing, Solana is trading at $178, up by 8% in seven days. The accumulation and momentum are bullish, and a crash towards $40 seems bleak at the moment.

The Cardano market (ADA) is now at a crossroads, going through tough times with the cryptocurrency market heating up. Despite the latest $73,000 mark that Bitcoin had attained today, the Cardano trade is losing its way forward, at the current time trading at $0.356. That amounts to 12% of lost value compared to what the coin hit just last month. Today, ADA won a minimal 2.2%, but investors see it failing in comparison with newer coins, which now are rapidly growing in prices. Historical Trends Show Headroom For Further Growth For ADA holders, crypto expert Ali Martinez has some encouraging news. He thinks Cardano might behave in line with its spectacular 2020 expansion. Following a protracted consolidation period, ADA surged by almost 4,000% and peaked at $3.10 within 10 months. Martinez thinks if history repeats itself, we may see a price jump starting around November 18, 2024–two weeks after the US elections. As of now, Martinez said ADA has spent 455 days in a range since the last peak, and may hit $6.50 in September 2025 as it is going to skyrocket by 2,288%. ADA market cap currently at $12.4 billion. Chart: TradingView.com On-Chain Activity Raises Concerns A fresh analysis from IntoTheBlock that showed Cardano’s Network Value to Transactions (NVT) ratio has surged to its highest level since June adds to the concern. Often preceding price pullbacks, this statistic points to a decrease in on-chain activity relative to price increases. The report underlined that ADA might struggle to keep increasing pace without more on-chain involvement. Despite these challenges, some analysts are optimistic about Cardano’s long-term horizon. They foresee an estimated 130% growth in the next three months and an impressive 140% increase in the next year. This gap between short-term struggles and long-term optimism would suggest that Cardano has short-term pain ahead but that significant recovery is on the horizon. The Road To Recovery For Cardano This is a challenging time for Cardano as investors monitor closely its price movement and the behavior of trading with the token. As long as concerns over further dips linger, there are some individuals that believe this is a good opportunity to enter the ADA market before it takes off. Analysts like Ali Martinez offer hope based on previous tendencies despite Cardano’s recent performance. ADA needs the next several weeks to solidify its position in the fast-changing crypto industry. Investors will monitor to see if Cardano can restore market momentum. Featured image from CoinFlip.tech, chart from TradingView

ADA surges in four days, breaking above Ichimoku Cloud’s Leading Span B. On-Balance-Volume reaches 42.47 billion amid 371% increase in holding time. Price targets: potential surge to $0.81, or drop to $0.27 if support fails. Cardano (ADA) finds itself at a pivotal juncture after weeks of range-bound trading between $0.31 and $0.36. Recent market activity suggests a significant shift in sentiment, with mounting buying pressure potentially setting the stage for a breakout from this consolidation phase. Currently trading at $0.35, ADA has demonstrated impressive strength with a 10% price increase over four days. This movement has pushed the cryptocurrency above the Ichimoku Cloud’s Leading Span B, a significant technical development suggesting growing bullish momentum. The potential conversion of this level from resistance to support could establish a foundation for further gains. Cardano’s OBV climbs to be bullish Supporting this bullish narrative, Cardano’s On-Balance-Volume (OBV) has climbed to 42.47 billion, marking a 1% increase over the past four days. This metric’s positive trajectory, coupled with price appreciation, provides technical validation for the current uptrend. The synchronization between rising OBV and price action typically indicates sustainable buying pressure. Source: IntoTheBlock IntoTheBlock data reveals a remarkable 371% increase in holding time over the past week, suggesting growing investor confidence in ADA’s long-term prospects. This dramatic surge in average holding duration often signals an accumulation phase, with investors positioning themselves for anticipated price appreciation. Looking ahead, a successful breach of the Ichimoku Cloud’s Leading Span A could establish the cloud as crucial support, potentially catalyzing moves toward higher resistance levels. The immediate target lies at $0.39, with a breakthrough potentially opening the path to $0.47, a four-month high. Should this momentum persist, ADA could target its 2024 peak of $0.81, representing a 68% surge from current levels. However, market participants must remain vigilant to potential downside risks. A failure to maintain momentum above the Ichimoku Cloud could trigger a retracement to $0.31, with further weakness potentially testing the $0.27 support level.

SUI is gathering bullish steam as it heads toward a possible breakout, with a notable milestone of $2.1825 in sight. Recent market activity suggests an upswing could be on the horizon, following a strong rebound at the $1.5 support mark. If the bulls maintain their momentum, SUI’s path might lead to a significant price advancement, signaling a promising opportunity for traders and investors alike. However, the question remains; will the pressure be enough to push past this critical resistance? This analysis aims to examine SUI’s current bullish momentum and assess whether rising pressure could drive the price to a potential target of $2.1825. By analyzing recent price movements, support levels, and resistance zones, this piece seeks to provide traders and investors with insights into SUI’s capacity for a breakout SUI Bullish Surge Aims At $2.1825 Mark Following its recovery at $1.5, SUI’s price on the 4-hour chart has continued to build pressure, approaching the $2.18 mark with a focus on breaking past it. SUI has also moved above the 100-day Simple Moving Average (SMA), signaling a strengthening upward trend that could pave the way for a potential breakout. The 4-hour Composite Trend Oscillator shows bullish signs for SUI, with its SMA and signal lines rising above the zero line, indicating a growing positive trend. In addition, the widening spread between these lines implies strong support for a sustained uptrend, reflecting increased buying interest as the asset approaches key resistance levels. Also, on the daily chart, SUI has demonstrated firm upward momentum, marked by a bullish candlestick pattern after a successful rebound at $1.5. Currently trading above the 100-day SMA, SUI’s position not only confirms an optimistic phase but also suggests that previous resistance levels may now act as support, creating a solid foundation for future gains. Finally, a detailed analysis of the Composite Trend Oscillator formation on the 1-day chart reveals fresh bullish movement for SUI. The indicator’s signal line is aiming to cross above the SMA line, a classic key indication suggesting robust buying interest. Positioned above the zero line, this crossover attempt indicates that positive sentiment is likely building, with the potential to drive prices more on the upside. Support And Resistance Levels To Watch On the upside, resistance around $2.18 presents the next hurdle for SUI. Successfully breaking above this level could pave the way for higher targets, including its all-time high of $2.36. A breach of this resistance would significantly increase the possibility of reaching new price milestones. However, if the cryptocurrency fails to surpass the $2.18 resistance level, it may initiate a downward move toward $1.5. Should it break below this support, the decline could extend further to the $1.42 support level and beyond.